Agreement with Saba

Aberdeen UK Smaller Cos. Grwth Trst

03 August 2026

 

Aberdeen UK Smaller Companies Growth Trust plc

Legal Entity Identifier (LEI): 213800UUKA68SHSJBE37

Agreement with Saba

3 August 2026

Further to the announcement by Aberdeen Group plc ("Aberdeen") on Thursday 7 May 2026, the Board of Aberdeen UK Smaller Companies Growth Trust plc (the "Company") announces that it has today entered into a three-year agreement with abrdn Fund Managers Ltd ("aFML") and Saba Capital Management L.P. ("Saba") (the "Agreement").  

Under the Agreement, Saba has given a number of undertakings to the Company, including as set out below:  

-           Saba will not put forward any proposals to the Company's shareholders or requisition any resolution or general meeting of the Company;

-           Saba will not seek to change the composition of the Board;

-           Saba will not seek to control or influence the Board or the Company or the policies or management of the Company;

-           Saba will not vote against the recommendation of the Board on any resolution put to a general meeting of the Company's shareholders; and

-           Saba will not engage, directly or indirectly, in any short selling of the Company's             shares;

in each case for a period lasting until the earlier of (a) conclusion of the Company's 2029 annual general meeting or (b) the date aFML ceases to be appointed as the Company's alternative investment fund manager.

The Agreement does not restrict or prohibit Saba's ability to vote in favour of or accept any takeover offer for the Company, nor does it restrict Saba's ability to deal in the Company's shares (other than in any short selling).

Saba's offer to enter into the Agreement with the Company is a result of separate arrangements between Aberdeen and Saba, to which the Company is not party. The Company has given no monetary consideration to Saba or any of its affiliates in return for the benefits outlined above, and such benefits do not restrict the Board's or the Company's independence in any way, although Aberdeen has done so.

The Board is committed at all times to exercising the best standards of corporate governance, promoting the success of the Company and putting first the interests of shareholders as a whole.

For further information, please contact:

abrdn Holdings Limited
[e-mail]

 

END